Imputed Income. The Bank shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s age, multiplied by (b) the net death benefit payable to the Director’s beneficiary(ies). The “current term rate” is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 5 contracts
Samples: Split Dollar Agreement (Central Valley Community Bancorp), Split Dollar Agreement (Central Valley Community Bancorp), Split Dollar Agreement (Central Valley Community Bancorp)
Imputed Income. The Bank shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s ’ s age, multiplied by (b) the net death benefit payable to the Director’s ’ s beneficiary(ies). The “current term rate” is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 5 contracts
Samples: Split Dollar Agreement (Central Valley Community Bancorp), Split Dollar Agreement (Central Valley Community Bancorp), Split Dollar Agreement (Central Valley Community Bancorp)
Imputed Income. The Bank Company shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s age, 's age multiplied by (b) the net aggregate death benefit payable to the Director’s beneficiary(ies)'s beneficiary. The “"current term rate” " is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 4 contracts
Samples: Director Deferred Fee Agreement (Cooperative Bankshares Inc), Split Dollar Agreement (Tib Financial Corp), Director Retirement Agreement (Cooperative Bankshares Inc)
Imputed Income. The Bank shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s age, multiplied by (b) the net death benefit payable to the Director’s beneficiary(ies). The “current term rate” rate is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 3 contracts
Samples: Director Split Dollar Agreement (Cullman Bancorp, Inc. /MD/), Director Split Dollar Agreement (Cullman Bancorp, Inc.), Director Split Dollar Agreement (Cullman Bancorp, Inc.)
Imputed Income. The Bank shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s age, 's age multiplied by (b) the net aggregate death benefit payable to the Director’s beneficiary(ies)'s beneficiary. The “"current term rate” " is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 2 contracts
Samples: Director Split Dollar Agreement (Juniata Valley Financial Corp), Split Dollar Agreement (Dutchfork Bancshares Inc)
Imputed Income. The Bank shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s age, multiplied by (b) the net death benefit payable to the Director’s beneficiary(ies). The “current term rate” is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 2 contracts
Samples: Split Dollar Agreement (Central Valley Community Bancorp), Split Dollar Agreement (Central Valley Community Bancorp)
Imputed Income. The Bank Company shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s age, 's age multiplied by (b) the net death benefit payable to the Director’s beneficiary(ies)'s beneficiary. The “"current term rate” " is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 1 contract
Imputed Income. The Bank shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s age, age multiplied by (b) the net aggregate death benefit payable to the Director’s beneficiary(ies)beneficiary. The “current term rate” is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 1 contract
Samples: Director Split Dollar Agreement (Juniata Valley Financial Corp)
Imputed Income. The Bank Company shall annually impute income to the Director in an amount equal to (a) the current term rate for the Director’s age, age multiplied by (b) the net aggregate death benefit payable to the Director’s beneficiary(ies)beneficiary. The “current term rate” is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 1 contract
Samples: Split Dollar Agreement (First Community Financial Corp)
Imputed Income. The Bank shall impute income to the Director in an amount equal to (a) the current term rate for the Director’s 's age, multiplied by (b) the net death benefit payable to the Director’s 's beneficiary(ies). The “"current term rate” " is the minimum amount required to be imputed under IRS Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 1 contract
Samples: Director Split Dollar Agreement (Newmil Bancorp Inc)
